CBDT says ‘ non-neogtiable ‘ income tax shortages.

CBDT says non negotiable income tax shortages,instructing top brass to pull up their stocks to reach the  FY20 deadline

Tax collection deficit is not negotiable given a reduction in the corporate tax rate, and that this short fall of Rs 1.36 lakh crore needs to be recovered with extra effort.

After not being satisfied with the current rate of tax collection, the board of the Central Board of Direct Tax (CBDT) laid out a plan for change and set a target for the implementation of tax surveys for the respective regions.

The group, along with CBDT Chairman PC Modi, held a video conference with all divisions of Income Tax chief commissioners and other senior officials.

A source who attended the meeting said to Money

In the meeting, the CBDT claimed that this short fall of Rs 1.36 lakh crore needs to be recovered with extra effort.In Mumbai itself, the target of Rs 13.36 lakh crore for FY20 is expected to bring a short fall of Rs 32,000 crore.

CBDT has developed strategies to collect more tax in the next two months, including identifying those companies that have differences in the payment of good and service tax and income tax, and taking 20 per cent of that amount from those companies whose appeals are pending at the level of the Commissioner.At the CIT level, appeals worth around Rs 3.6 lakh crore are pending, from which 20 per cent of the money will go to the tax collection kitty.

 
 
 

Social Media Rumours on changing ITR forms rules are rejected by CBDT

  • 29 Jul 2019
  • ITR
  • Comments Off on Social Media Rumours on changing ITR forms rules are rejected by CBDT

The Central Board of Direct Taxes (CBDT) on Tuesday disproved reports in social media about changes being executed in ITR form2 and 3. The income tax division expressed that only the utility software has been refreshed which won’t hamper the filing of returns. Meantime, there were reports in social media that the tax payers were confronting difficulties in efiling of income tax return in ITR-2 and ITR3 for the financial year 2018-19 because of wide-scale alterations in the ITR form for the AY 2019-20

“No progressions have been made in any of the Income-tax return(ITR) forms including ITR-2 and ITR-3 since the warning made on April 1 2019, which is on the first day of the Assessment Year 2019-20,” CBDT said.

The income tax expert has explained that the software utility for e-filing of all the ITR forms has been published long back on second May and on tenth May 2019 separately. However, the software utility update is a dynamic procedure and is persistently taken up according to the input received from the clients/filers to ease their experience in electronic filing of returns.

Other than this, it has additionally explained that the updating of utility does not hamper filing of return as the taxpayers are permitted to file ITR utilizing the utility which is accessible by that time. Despite the fact that the utility is being updated routinely to give ease to taxpayers, the returns filed by utilizing the past version of utility will continue being substantial. It is relevant to express that the updation in the utility of ITR forms depends on feedback and basically went for facilitating the compliance burden of the tax payers by encouraging simpler e-filing. For example, this year, the advantage of pre-filling of return forms has been given dependent on the information given in the TDS statement.

This facility has been refreshed in the utility therefore. This would generously diminish the efforts of taxpayers in filling of return forms. It is emphasized that there are no changes in the mentioned ITR forms; just the utility has been updated to encourage the taxpayers. Hence, the affirmation that various changes have been made in ITR-2 and ITR-3 on July 11, 2019, does not give a correct picture.

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Due date of filing ITR extended till 31st Aug 19 (By CBDT)

The income tax expert has extended the due date for income tax return filing to 31st August from 31st July ’19’. The CBDT took this choice on Tuesday to give a major relief to tax payers who were confronting challenges while filing the income tax return. With the extension of the due date, there is an adequate time for the people to file their returns on time without stressing over any late charges or penalty. Although, as per the income tax department, the expansion applies to all assessees other than corporate tax payers and a couple non-corporate entities.

Taking to Twitter, the Income Tax Department said the due date for filing of ITR for the assessment year 2019-20 was July 31 for specific categories of tax payers on consideration of the matter, the CBDT extended the due date.

Prior to this notice, the CBDT had stretched out the due date for employers to document their TDS returns, i.e., Form 24Q, from May 31, 2019 to June 30, 2019 and consequently due date of issuing Form 16 by the employer was also extended from June 15, 2019 to July 10, 2019. Hence, employees holding back to get their Form 16 to file their ITRs were left with just 21 days to file their tax return by the previous due date of July 31.

In addition, if you don’t file their returns before the due date for example 31st August ’19’, they will be obligated to pay penalty and other procrastination charges by the Authorized dept. Thus, it is important to file your returns regardless of confronting any legal proclamations or notices.

While, if people don’t file income tax returns at the very latest the due date, they would be obligatory  at the rate of 1% for consistently, or part of a month, on the measure of tax remaining unpaid according to section 234A.

A taxpayer is liable to pay late ITR documenting fees of:

According to section 234F if return isn’t filed till the due date but is filed till 31 December then fees of Rs. 5,000 is to be paid and if that return isn’t documented even after 31 December, at that point charges of Rs. 10,000 is to be paid. However, where total pay of the person does not surpass Rs. 5,00,000 at that point charges under section 234F will not surpass Rs. 1,000.

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